Buy it Now After Quick and Easy Math
Before I begin bidding on DealDash.com I figure out how many bids I am willing to use to win each auction, based on the retail value of the item I want and the final closing cost before I decide to move forward with the Buy it Now option.
It is not necessary to use a calculator to get an exact figure. Instead, I found a quick and easy way to do the math and still get a pretty good idea how many bids I can use in an auction without paying more than an item is worth, and know when to Buy it Now.
I purchase most of my bids when they go on sale for 15 or 16 cents a bid. During a “free to the winner” special, I could use up to six bids for every dollar value of the auction item. That means I would be spending 90 to 96 cents per dollar (15 x 6 = 90 and 16 x 6 = 96), only slightly better than breaking even. Regardless what I am bidding on, I know I never want to use more than six bids per dollar during a “free to the winner” special. Whenever there is a closing cost in addition to the cost of my bids, I never want to use more than three or four bids per dollar to get a good deal or break even. This helps me quickly decide when it’s the right time to Buy it Now.
For example, if a $25 gift card closes at $5 (when it is not free to the winner) I would take $25 – $5 = $20. Then 20 x 6 bids per dollar = 120, the maximum number of bids I could use to win a $25 gift card without over-bidding. If I do not win that card for 120 bids or less, I am better off using BIN, the Buy it Now option, and getting all of my bids back free to use in another auction.
I see some long-time customers who apparently do not know how to use the Buy it Now option. They must not be doing the math or they must be too addicted to stop. Otherwise, why would anyone use 2,000 bids or more, to “win” a $200 Amazon gift card? Even with the bids on sale at 16 cents a bid, a 1,800 bid package costs $288.00. I witnessed one customer use $300 or more worth of bids to “win” a $200 Amazon gift card, over-bidding the value of the card by at least $100. Why not just Buy it Now and get your bids back?
Winning at any cost only hurts the bidder financially, defeats the purpose of the site and ruins the fun for everyone. Therefore, please do yourself and other customers a favor. Do the math and use the Buy it Now.
